Barstool Sports Founder Dave Portnoy held one of his emergency press conferences Monday to make a new cryptocurrency.
What Happened: In a press conference mirroring a high school athlete selecting a college to attend, Portnoy had hats for six different s**tcoins on the table. Portnoy said he would tell viewers which of the cryptocurrencies he recently purchased $40,000 in.
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The six cryptocurrencies mentioned were Dogecoin (CRYPTO:DOGE), Ass (CRYPTO:ASS), Litecoin (CRYPTO:LTC), Safemoon (CRYPTO:SAFE), Shiba Inu (CRYPTO:SHIB) and Hoge (CRYPTO:HOGE).
See Also: How to Buy Safemoon (SAFEMOON)
Portnoy has become outspoken about Elon Musk and the influence he has over the price of cryptocurrencies.
“I will never sell my Bitcoin,” Portnoy said in response to Musk criticizing the cryptocurrency.
Portnoy said he wanted to get involved in something beyond Bitcoin as he sees Musk pulling levers on several cryptocurrencies.
“It’s time for me to choose a side. I’m gonna pick one and I’m gonna become a leader.”
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Portnoy said he had already put $40,000 into the cryptocurrency he was set to unveil to viewers as his new favorite.
See Also: Best Altcoin Exchanges
Portnoy’s Selection: Portnoy teased viewers with the possible selection of popular meme cryptocurrency Dogecoin.
“Do I partner with Elon and be the 1,2 punch that you see in the superhero movie?” Portnoy asked.
Portnoy ultimately chose the hat with the Safemoon logo revealing the popular cryptocurrency as his latest investment.
“The answer is Safemoon.”
My shitcoin announcement. Invest at your own risk. I have no idea how this works pic.twitter.com/G1iW8iZTWG
— Dave Portnoy (@stoolpresidente) May 17, 2021
Portnoy cautioned viewers that the crypto could be a Ponzi scheme while also saying if it is a Ponzi to get in on the ground floor and get in now: “I will ride it either to the stratosphere or hell on Earth.”
Things Portnoy likes about Safemoon include having the word moon since that’s where he wants to go and the 10% penalty for sellers encouraging people to hold the coin.
Price Action: Safemoon is trading at $0.000008608 at the time of writing, up 5%. Safemoon has traded as high as $0.00001399 in the last year.
Safemoon has a market capitalization of $4.9 billion.
Related Link: Portnoy On Dogecoin Surge Says Elon Musk Is The Best Market Manipulator In History Of Earth